Moretons completes off-market acquisition of Brighton retail building
Moretons Investments has completed the off-market acquisition of a multi-storey retail building in Brighton.
Located at 157-162 Western Road, the four-storey building extends to approximately 30,000 sq ft and is currently let to Argos and McDonald’s.
Argos remains on the lease until June, however the retailer has vacated and is no longer in occupation. McDonald’s has recently signed a new lease for its restaurant at the building.
Other national occupiers on the local area include Superdrug, Robert Dyas, and Primark.
Michael Blencowe, managing director of Moretons Investments, said: “I am very pleased to add this eye-catching city centre building to the portfolio, it’s the type of acquisition the company is targeting going forward as we move into bigger lot sizes of buildings. As the company has grown over recent years as does our appetite for opportunities with greater potential.”
Tom Heptonstall and Graham Fawcett of FMX Urban Property Advisers acted for Moretons Investments, whilst Stephen Gevertz of Lewis & Partners acted for the vendor.